You need all the tools and resources you can get to be successful in today's challenging real estate market! One major tool that can help meet this challenge is the FHA 203k renovation loan program, the fastest growing loan program in America.
The FHA 203k loan is a "must have" program that helps selling agents to sell more homes, and buyer agents to help more buyers realize their dream of home ownership. Benefits and value of this program include:
- Ability to differentiate yourself from your competitors
- Provide greater listing presentation value by introducing the loan as a solution for sellers who have minor or major deferred maintenance
- Enable more buyers to visualize how to turn a less-than-perfect home into a dream home
- Show fewer homes and sell more homes
Today's home buyers want quality updated finishes, modernization, energy efficiency, and a home that is turn-key ready. But, most homes on the market do not meet the desire of buyers, and most sellers lack the cash to make the necessary improvements buyers want.
The good news is that buyers don't need to put in a ton of sweat equity and do-it-yourself work. Does the home need a new roof? Is there a basement water or mold issue? Are there missing appliances? Not a problem!
The FHA 203k mortgage loan program lets home buyers and real estate agents turn less-than-perfect homes from "okay" to "perfect". It allows buyers to borrow up to 110% of the after-improved value of a property and use the extra funds to make necessary or desired improvements.
Your Happy Endings
There are winners on both side of the home loan mortgage.
- The buyer has a less-than-perfect home renovated or repaired, making it their dream home before moving in.
- The agent has help turning a home that may have been unsellable into a sale, making it a bread and butter issue for the agent.
Homebuyers and Homeowners with distressed properties;
Locating a Real estate agent experienced or eager to learn the nuances of 203k financing can be of great value to you.
If you do not know of one, you might consider getting a recommendation from a qualified 203k lender as they work with Real estate agents on a daily basis.